Tag: FM Nirmala Sitharaman

Swiggy launches ‘She The Change’ — an initiative to celebrate women entrepreneurship

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Food delivery platform Swiggy has launched a new initiative — “She The Change- From Vision to Venture” — in a bid to acknowledge and celebrate the contribution of food delivery platforms in fostering and stimulating women’s entrepreneurship in the country.

Inaugurated by Finance Minister Nirmala Sitharaman, the initiative commemorates nearly a decade of Swiggy working with women entrepreneurs and puts a spotlight on both budding and established women entrepreneurs in the Food & Beverage (F&B) industry, a statement said.

The Finance Minister facilitated women entrepreneurs in the F&B sector from across the country at the event.

“Today, I can see there is great vibrancy in women-led enterprises, where women are coming forth and taking up business challenges whether small, medium or big, you find women everywhere, and programmes such as Swiggy’s “She the Change” are giving them the encouragement and a little push, and for other women to know this is possible. Swiggy deserves a special mention for encouraging women’s entrepreneurship nationwide,” said Nirmala Sitharaman.

The on-demand delivery firm said it has over 50,000 women-run restaurants on its platform. As per Swiggy, it is estimated that these entrepreneurs are generating approximately three hundred thousand jobs, as each restaurant employs an average of six direct employees.

“She The Change’ transcends being just an initiative; it stands as a platform, dedicated to honouring and amplifying the remarkable stories of women entrepreneurs and leaders in the F&B industry. They have not only set new benchmarks for success but also played a pivotal role in shaping India’s economic narrative,” stated Sriharsha Majety, Group CEO of Swiggy.

Echoing the sentiments, Rohit Kapoor, CEO- of Swiggy Food Marketplace, added, “In the decade since Swiggy’s inception, we’ve had the honour to provide a platform for women entrepreneurs in the F&B space and witness their remarkable journeys first-hand. It’s inspiring to see the steady growth in both the number and scale of women-led businesses on Swiggy each year.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FM calls for clarity on classification-related issues under GST at the earliest

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a significant move towards fortifying the Goods and Services Tax (GST) system, Finance Minister Nirmala Sitharaman addressed the first National Conference of Enforcement Chiefs from the State and Central GST formations on Monday, March 4. Emphasising the urgency of addressing classification-related issues, the FM stressed the need for issuing clarity through appropriate channels for GST taxpayers at the earliest.

During the conference, Sitharaman urged all GST formations to leverage technology as a means to plug loopholes in the system, emphasising that better technology would lead to enhanced taxpayer services. The Finance Minister underscored the pivotal role of innovation, advocating for the sharing of emerging best practices and seamless coordination across states in the national interest.

Highlighting the importance of regular meetings among enforcement chiefs of the Centre and states, Sitharaman encouraged authorities to utilise this platform for discussing obstacles, exchanging successful strategies, and collectively advancing towards a more robust and harmonious tax infrastructure.

Commending the tireless efforts of both Centre and States GST formations since 2017 in making GST a reliable and goal-oriented system, Sitharaman urged GST officials to engage with stakeholders to understand their concerns, enhance compliance, streamline processes, and work collaboratively towards making the tax system more transparent and efficient.

The conference saw in-depth discussions on GST evasion typologies, preferred methods, and prevalent sectors. Participants emphasised the importance of collaborative efforts, the need to utilise technology effectively, and proactively preventing fraudulent behavior by identifying high-risk taxpayers.

In another revelation, data presented by the GST Council Secretariat showed that the nationwide crackdown on fake registrations and bogus billing from May 2023 alone has resulted in the detection of Input Tax Credit (ITC) tax evasion amounting to ₹49,623 crore, involving 31,512 bogus firms.

The Central Board of Indirect Taxes and Customs (CBIC) further reported detecting fake ITC evasion of ₹1,14,755 crore from the year 2020 till date. This underscores the critical need for continued vigilance and collaborative efforts to ensure the integrity of the GST system.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

LIC pays ₹2,441 cr dividend cheque to govt

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Life Insurance Corporation of India (LIC) on Friday paid a dividend of ₹2,441 crore to the government.

“Smt @nsitharaman receives a dividend cheque of ₹2,441.44 crore from Shri Siddhartha Mohanty, Chairman – Life Insurance Corporation of India (@LICIndiaForever),” Finance Minister Nirmala Sitharaman’s Office said in a post on X.

The dividend cheque was handed over to the Finance Minister in presence of Financial Services Secretary Vivek Joshi.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

States get over ₹2 lakh crore tax boost in February

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Centre’s strong revenue position is boosting state coffers as well. With the jump in the central tax kitty, states have been given two additional tranches of tax devolution this month.

According to a Finance Ministry statement, the Union Government released another additional instalment of tax devolution of ₹1.42 lakh crore, which is over and above the ₹72,961 crore already released on February 12. The total additional tax devolution for the month of February now amounts to over ₹2.15 lakh crore.

This additional share in central tax revenues is expected to spur the financing of welfare and infrastructure schemes of state governments, the Finance Ministry said.

Finance Minister Sitharaman tweeted, ”With this release, States have received three instalments of tax devolution in February 2024.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Finance Minister asks regulators to hold monthly meeting with startups, fintech firms to address their issues

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman on Monday, February 26, chaired a meeting with top executives of around 50 fintech firms to discuss regulatory issues being faced by them and impressed upon them to strictly comply with the norms, according to an official.

With over 10,000 fintech entities, making India the world’s third-largest hub in the sector, Sitharaman emphasised the need for consistent dialogue to address the concerns and challenges faced by startups and fintech firms. 

Recognising the pivotal role of innovation in driving financial services, the minister urged regulators, including the Reserve Bank of India (RBI), to convene monthly virtual meetings to promptly address queries and issues raised by stakeholders.

During the session, it was underscored that while fostering innovation, compliance with regulations remains paramount. Initiatives such as Aadhar, UPI, and regulatory frameworks like the sandbox environment have been instrumental in nurturing the startup ecosystem.

Participants lauded the efficacy of initiatives like the Gift City and the International Financial Services Centre Authority (IFSCA) for creating new avenues in the fintech landscape.

India’s startup landscape has witnessed exponential growth, with over 1.17 lakh startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) in 2023, generating millions of jobs, a significant portion being led by women.

The fintech sector, growing at a 14% CAGR, has drawn attention globally, with recent initiatives like the RBI’s draft framework for Self-Regulatory Organisations (SROs) further enhancing regulatory clarity.

Key takeaways from the meeting included plans for a workshop with Law Enforcement Agencies (LEAs) to address fintech-related issues, streamlining patent examination processes, rationalising lending costs for priority sectors, and enhancing digital KYC procedures across fintech segments. Additionally, discussions centered on adapting regulatory frameworks to accommodate changes in ownership structures and addressing cybersecurity concerns through forthcoming legislation like the Digital India Act.

Kunal Shah, the founder of Cred, expressed his appreciation, stating, “Remarkable bias for action and initiative shown by policymakers with diverse responsibilities who came together for positive engagement with fintech startups. Grateful to the Finance Ministry and RBI for the frank exchange, encouragement, and belief in the role fintechs play in enabling India’s economic and social ambitions.”

Remarkable bias for action and initiative shown by policymakers with diverse responsibilities who came together for positive engagement with fintech startups. Grateful to the Finance Ministry and RBI for the frank exchange, encouragement, and belief in the role fintechs play in…

— Kunal Shah (@kunalb11) February 26, 2024

The meeting was attended by top executives of private sector fintech firms, including RazorPay, PhonePe, Google Pay and Amazon Pay. NPCI officials too were present.

From the government side, the meeting was attended by Financial Services Secretary Vivek Joshi and MeitY (Ministry of Electronics and Information Technology) Secretary S Krishnan. RBI Deputy Governor T Rabi Sankar was also present. The meeting comes at a time when the Reserve Bank of India’s action against Paytm Payments Bank has put the spotlight on regulatory compliance in the fintech industry.

Representatives of Paytm was not invited for the meeting on Monday. On January 31, RBI barred Paytm Payments Bank Ltd (PPBL) from accepting any fresh deposits or top ups from customers after February 29 for not complying with regulations. The deadline was later extended till March 15.

Last week, RBI advised the National Payments Corporation of India (NPCI) to examine the possibility of migrating the users from PPBL to four to five other banks. PPBL has 30 crore wallets and 3 crore bank customers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India eyes 1 billion tonnes of coal production next year: FM Sitharaman

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman said on Friday, February 9, that India’s coal production touched a record 900 million tonnes this fiscal. She said that the target is to breach the 1 billion tonne mark next year.

Sitharaman was speaking during the debate on the ‘White Paper on the Indian economy and its impact on the lives of people of India’ in the Lok Sabha.

“In 2013-14, the coal production was 567 million tonnes. I am speaking of 900 million tonnes this year and 1 billion in the next,” the Finance Minister said.

On coal production by the state-owned companies, the FM said, Coal India Limited production has gone up between 2013-14 and 2022-23. “The capital expenditure [of Coal India] has gone up by 4.3 times compared to the earlier times. So, PSUs are also prospering. Also, there is additional investing and producing,” She said.

The total coal production in January 2024 rose to 99.73 million tonnes (MT). It was a 10.3% surge over the 90.42MT in the corresponding period a year ago, as per the Ministry of Coal.

From April to January of the current fiscal year, coal production surged by 12.18%, reaching 784.11 MT (provisional), up from 698.99 MT in the corresponding period last year.

In the first eight months (April-November) of FY24, India imported 169.08 MT of coal, a decrease from 237.67 MT in FY23, 208.63 MT in FY22 and 215.25 MT in FY21.

As per a draft note of the Niti Aayog dated March 21, 2022, plans were being made to increase Coal India’s production to 1 billion tonnes per annum by the financial year 2025.

“The focus of the government is on increasing the domestic production of coal and to eliminate non-essential imports of coal in the country. Most of the requirements of coal in the country are met through indigenous production/supply,” Coal Minister Pralhad Joshi said in a written reply to Rajya Sabha.

Referring to the coal scam during UPA, Nirmala Sitharaman also cited the CAG report highlighting that it resulted in a huge loss of ₹1.86 lakh crore to the country and the Supreme Court had to cancel licences for 214 coal blocks.

The coal scam resulted in job losses and created coal shortages and power outages, she said, adding that investments too suffered.

“On the other hand, the Modi government transparently conducted coal auctions and now coal production has increased to 900 MT from 567MT in 2014,” said Sitharaman.

Also read: Parliament Budget Session: India’s coal production rises 10.3% to 99.73 MT in Jan 2024

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024 Highlights: More power to Jal Shakti

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Jal Shakti Abhiyan (JSA) was launched in 2019 to enhance water conservation and resource management. It was started across 1,592 blocks in 256 water-stressed districts around the country.

The Jal Shakti Ministry has been granted a total allocation of ₹98,418 crore by Finance Minister Nirmala Sitharaman in her interim Budget 2024, marking an increase from the previous budget of ₹96,549 crore.

The Jal Shakti Abhiyan initiative is aimed at water conservation and rainwater harvesting, traditional water body restoration, water reuse and structure recharge, watershed development, and intensive afforestation.

The laudable mission also includes the formulation of block and district water conservation plans, Krishi Vigyan Kendra melas, urban wastewater reuse, and 3D contour mapping of villages.

It was later expanded into Jal Shakti Abhiyan: Catch the Rain (JSA: CTR) in 2021. This campaign, held from March to November, focused on all blocks in both rural and urban districts nationwide during the pre-monsoon and monsoon seasons. The initiative aimed at five key interventions — rainwater harvesting, water body enumeration and mapping, Jal Shakti Kendra establishment, intensive afforestation, and awareness generation.

ALSO READ: Budget 2024 Highlights: ₹ 70,163 crore allocated for Jal Jeevan Mission

The Jal Shakti Abhiyan: Catch the Rain (JSA: CTR) 2022 was launched on March 29, 2022. The third instalment was aimed at covering all blocks in all districts, including rural and urban areas, from March 29 to November 30, 2022, spanning the pre-monsoon and monsoon periods.

JSA: CTR 2023 is focused on ensuring source sustainability in 150 water-stressed districts across the country, identified by the Jal Jeevan Mission.

The funds disbursed under JSA: CTR are allocated on a state-wise basis to facilitate the implementation of water conservation projects and initiatives. For fiscal years 2021-22, 2022-23, and 2023-24, funds released amounted to ₹4.48 crore, ₹2.62 crore, and ₹1.41 crore, respectively.

Catch our full coverage of the latest Budget announcements here.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024 Highlights: ₹ 177.24 crore for Pradhan Mantri Shram Yogi Maandhan Yojana

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman has allocated ₹ 177.24 crore for  Pradhan Mantri Shram Yogi Maandhan (PM-SYM) in the interim budget, which was presented on Thursday (February 1).

This is a voluntary pension scheme initiated for unorganised sector workers. Launched in 2019, the scheme aims to provide old-age protection.

PM-SYM is a contributory pension scheme where the beneficiary receives a minimum assured pension of ₹3,000 per month upon reaching 60 years of age. In the event of the beneficiary’s death, the spouse is entitled to receive 50% of the pension as a family pension, applicable only to the spouse.

Beneficiaries aged between 18 and 40 years must make monthly contributions ranging from ₹55 to ₹200 until they reach the age of 60. Upon reaching 60, the pension can be availed, with a fixed amount deposited monthly into the beneficiary’s account.

Pradhan Mantri Shram Yogi Maandhan scheme has certain eligibility criteria. Applicants must be unorganised workers between the age groups of 18 to 40 years. Their monthly income should not exceed ₹15,000. They should not be engaged in the organised sector or income taxpayers. To apply, they must have an Aadhaar card and a savings bank account or Jan Dhan account number with IFSC.

In the financial year 2020-21, the government of India allocated ₹500 crore for the Pradhan Mantri Shram Yogi Maandhan scheme, with expenditures amounting to approximately ₹319.71 crore. In 2021-22, the fund allocation decreased to ₹400 crore, while expenditures stood at ₹324.23 crore. For the financial year 2022-23, total allocation was reduced to ₹350 crore, with expenditures reaching approximately ₹193 crore as of March 1, 2023.

As of December 31, 2022, a total of 20,70,704 males and 23,47,809 females from the unorganised sector registered under PM-SYM.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024 Highlights: ₹700 crore for Sagarmala programme

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In the interim budget presented in Parliament by Finance Minister Nirmala Sitharaman on Thursday (February 1), ₹700 core has been allocated for the Sagarmala programme.

The government launched the Sagarmala programme in 2015 to transform India’s 7,500 km long coastline and 14,500 km of potentially navigable waterways into a hub of maritime activity.

The programme aims to connect Indian ports with industrial clusters through a network of efficient transport and communication systems, logistics infrastructure, and coastal communities.

Reducing logistics costs, increasing port capacity through modernisation, development of coastal communities and enhancing maritime security are some of the key objectives of the Sagarmala programme.

Click here for live updates of Budget 2024

The government looks to modernise and expand existing ports, set up new ports and develop special economic zones (SEZs) around ports. At the same time, coastal connectivity will be improved through rail, road and inland waterways for faster movement of shipments.

The programme also aims to develop fisheries, tourism, and other maritime activities in coastal communities. Logistics infrastructure such as warehouses, cold chains, and other facilities will be developed in participation with the private sector.

The Ministry of Ports, Shipping, and Waterways has launched several initiatives in the maritime industry to bolster India’s socio-economic and regulatory environment.

The government has identified more than 574 projects involving a total cost of ₹6.01 lakh crore under the Sagarmala programme for implementation until 2035. As of 30 September 2019, a total of 121 projects with a cost of ₹ 30,228 crore were completed and 201 projects worth ₹309, 048 crore were under implementation.

Finance Minister Nirmal Sitharaman allocated a total ₹450 crore for supporting Sagarmala schemes and projects and Sagarmala Development Company in 2023-24 financial year.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024 Highlights: FM allocates ₹60,000 crore for PM-KISAN Yojana

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman has earmarked ₹ 60,000 crore in the Budget 2024-25 for the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana, which is a flagship scheme of the Central Government to provide minimum income support to all eligible landholding farmers’ families across the country. It became operational on December 1, 2018.

The scheme was introduced in the interim Budget 2019 with an outlay of ₹75,000 crore. It is fully funded by the Central government.

As per the scheme, an income support of ₹6,000 is provided to the families of land-holding farmers every year in three equal instalments of ₹2,000. The PM-KISAN Yojana defines a farmer family as a husband, wife and minor children. The state governments as well as UT administrations have been mandated to identify the number of farmer families in their territories, eligible for financial support under this scheme.

Click here for live updates of Budget 2024

The government disbursed over ₹2.6 lakh crore to more than 11 crore farmers as of July 31, 2023. The total number of beneficiaries in FY24 stood at over 8.56 crore as of July 31, 2023.

In FY 2022-23, a total amount of ₹58,201.85 crore was disbursed to eligible beneficiaries. In the previous Budget, the government allocated ₹60,000 crore to the scheme.

The government is likely to release the 16th instalment of the PM-KISAN Yojana in February-March 2024. The 15th instalment of the scheme was released on November 15, 2023.

“For ensuring faster growth of the sector, our government will further promote private and public investment in
post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing and marketing and branding,” FM Sitharaman said.

Other schemes to supplement farmers’ income

The Crop Insurance Scheme (Fasal Bima Yojana) has witnessed a reduction of 2.6% from ₹15,000 crore in the revised estimates of FY24 to ₹14,600 crore in FY25. 

The Finance Minister said, “Every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 
11.8 crore farmers, including marginal and small farmers. Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana.”

The allocation for the PM Kisan Sampada Yojana has also been slashed by 2.1% to ₹729 crore for FY25 in comparison to ₹745 crore in the revised estimates of FY24. The scheme’s objective is to supplement agriculture, modernise processing and decrease agri-waste.

FM further added, Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated employment for 10 lakh people.

She also highlighted that under the Electronic National Agriculture Market the government has integrated 1,361 mandis, and is providing services to 1.8 crore farmers with a trading volume of ₹3 lakh crore.

Sitharaman also suggested that the government is aiming to expand the application of Nano diammonium phosphate (DAP) in all agro-climatic zones, following the successful adoption of Nano Urea.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow